Effective from 3 March 2014, authorized capital is abolished. Shares in a company have no nominal value, remaining only total number of share capital and total amount of Issued and Paid up capital.

Please note:

(1) Procedure for increasing authorized capital is simple and takes only 2 to 3 days. But process for reducing authorized capital is much complex, it used to require a lawyer to apply through court. Now, it can be done by passing the Special Resolution and Public Gazette.

(2) A stamp duty of 0.2% is imposed on transfer of shares. A heavy stamp duty will result if initial issued capital is too high.

b)

Transfer of shares:

Procedure for share transfer is simple and takes only 2 to 3 days if the company has never commenced business or does not have any assets.

Otherwise, a set of share transfer documents must be submitted together with the latest audited financial statements or management accounts (within 3 months from date of share transfers) in order to calculate amount of stamp duty required.

Amount of stamp duty is 0.2% on value of shares transferred, value of net assets of the company or amount of consideration, whichever the highest.

Please note:

(1) audited financial statements or management accounts must be submitted if the company has any subsidiary or associates companies.

(2) value of net assets of the company will depend on the market value of any property held by the company.

(3)

Change of Company Particulars

Duration

Fee

HK$

Change of Registered Office Address

1-2 days

300

Change of Particulars of Shareholders or Directors

1-2 days

300

Appointment or Retirement of Directors

1-2 days

800

Change of Company Name

6-7 days

1,000

(4)

Deregistration

Conditions:

(i)

Agreed by all members of the company;

(ii)

The company has no outstanding liabilities which include Annual Return fee, Profits Tax, Property Tax, Stamp Duty, Business Registration fee, fines and penalties in connection and thereof and court fee;

(iii)

The company has never commenced business or operation, or has ceased operation for at least 3 months;

(iv)

All company bank accounts have been closed (all remining bank balances will be detained by the Hong Kong government immediately after completion of deregistration process); and

(v)

Submitted the last audited financial statements of the company to the Inland Revenue Department (from date of previous audited financial statements up to date of deregistration).